Stockholm, Sweden (PRWEB) June 27, 2011
Skandinaviska Enskilda Banken (SEB), one of Europe's leading banks, has extended its relationship with SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives. SEB's prime services offering will now broaden its instrument type coverage through its use of FastVal, when offering its clients an outsourced service for the valuation and risk management of their financial instrument portfolios.
SEB is a long-standing customer of SunGard FastVal, using the analytics solution to price structured derivative products, for internal validation. Since 2007, SEB has also offered independent valuations and risk sensitivities as part of its prime services offering to its clients, which include fund companies, smaller banks, life insurance companies and pension funds. SEB selected FastVal because of its robust valuation service and extensive instrument coverage of complex OTC derivatives across all asset classes. In addition, FastVal's proven track record in providing SEB with accurate and reliable independent valuations factored into the bank's decision to extend its use of the solution. FastVal will help SEB's clients gain transparency into the modelling techniques and data used in the valuation process of their non-liquid instruments.
Jonas Hedlund, head of prime collateral services at SEB, said, "During our many years using SunGard's FastVal, we have always had a positive experience with both the solution itself and the FastVal team. When the need arose to offer an outsourced independent valuation service for structured derivatives to our clients, FastVal was the natural choice, complementing the current service we have in place.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, said, "This expansion of our services to SEB is an example of our commitment to meeting the changing needs of our customers, and has further strengthened our relationship with the bank. The flexibility of FastVal and the reliability of our data will help ensure that SEB offers a high quality service to its clients."
About Skandinaviska Enskilda Banken
SEB is one of Europe’s leading banks. Its success builds on innovative thinking, an international presence and strong, long-term relationships, and has done so for more than 150 years. SEB focuses on companies and private customers with exacting requirements. And it promises them an enriching relationship. SEB changes constantly to adapt to new times, markets and people. SEB makes life easier, in all its phases. It has always strived to make a contribution to society.
About SunGard’s FastVal
FastVal is an ASP portfolio valuation service, accessed via the Internet, that provides independent valuations for individual trades and holdings as well as entire portfolios. FastVal is powered by a proprietary pricing language that can describe any financial instrument based on cash flows, calendar events and boundary conditions. This helps FastVal to respond rapidly to developing markets and products and assimilate new instruments. FastVal uses both single and multi-factor models with a choice of numerical methods to price and structure derivatives in a wide range of asset classes. http://www.sungard.com/fastval/learnmore
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 434on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, please visit SunGard at http://www.sungard.com.
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